On Aug. 3, 2018, the Internal Revenue Service (IRS) issued proposed regulations regarding the Tax Cuts and Jobs Act’s (P.L. 115-97, or the Act) changes to additional first year depreciation deduction (bonus depreciation). This update provided further guidance on several items, including:
- The eligibility of used property
- Placed in service dates and dates of acquisition
- Application to partnership interests
- Additional special considerations
Taxpayers may rely on these proposed regulations for tax years ending on or after Sept. 28, 2017 for property placed in service after Sept. 27, 2017.
Events such as opening new branch locations or refurbishing office space could lead to accelerated tax savings.
Please take the time to become familiar with this new guidance. Contact your tax advisor or a member of our DHG Financial Services practice for more information.
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